(Read more on the multifamily market.)

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[IMGCAP(1)]NEW YORK CITY-A corner walk-up apartment building andthree-elevatored apartment buildings located one block north ofCentral Park at 201, 203-205, 217 and 233 W. 111th St. was sold inan all-cash transaction valued at $11.1 million. A source close tothe deal tells GlobeSt.com that the private investor was JohnSismanoglou from Queens, who was attracted to the portfolio due toits size and proximity to Central Park.

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[IMGCAP(2)]The source explains that the seller of the portfoliowas locally based Centerline, however they were unable to determinereasons for selling at this time. The West 111th Park Northportfolio is located on the north side of West 111th Street betweenAdam Clayton Powell and Frederick Douglass boulevards. Two of thefour buildings are adjacent, and all four span approximately 78,331sf including 87 apartments and two super's units.

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The apartments consist of eight studios, 29 one-bedrooms, 24two-bedrooms and 26 three-bedrooms. The source tells GlobeSt.comthat the properties will continue to run as rentals and since allof the properties underwent gut renovation in the early 1990s,there is no need for any major work.

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The transaction occurred at a capitalization rate of 4.9%, whichthe source says was low for the area. The property sold for $141.79per sf. The source also says that all of the units in the portfolioare reserved for low-income and moderate-income tenants.

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"The sale of this portfolio presented the opportunity to acquireassets below replacement cost that will experience naturalappreciation over the long term," notes Massey Knakal partner andmanaging director Marco Lala, who exclusively represented theseller with partner and managing director Shimon Shkury. MasseyKnakal Realty Services was the sole broker in this transaction.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.